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Creating a Stable Financial Future: 3 Tips for Increasing Your Income

Updated: Aug 8, 2023

At Biggs Financial Services, we understand that achieving financial stability is a journey that involves more than just saving. It's about growing your income, understanding your financial goals, and making strategic decisions that align with those goals. Here are three key strategies to help you boost your income and secure your financial future:

1. Invest in Good Debt

Not all debt is created equal. 'Good debt' refers to borrowing that helps you generate income or increase your net worth in the long run. Examples include student loans, mortgages, and business loans. Take student loans, for instance. They're considered an investment in your future because they can lead to higher paying jobs. But remember, the key is moderation. Aim to keep your student loan payments below 10% of your projected after-tax monthly income a year after graduating.

Mortgages are another form of good debt, offering the path to homeownership and wealth accumulation through property value appreciation. In each case, the potential long-term benefits can justify the initial debt, provided it is managed wisely.

2. Develop Multiple Income Streams

Diversifying your income can enhance your earnings and insulate you from financial difficulties if one income source falls through. Here are a few strategies:

  • Investments: Stocks, bonds, and mutual funds can generate income over time. Investing requires careful planning and consideration of your risk tolerance.

  • Side Business: If you have a hobby or passion, consider turning it into a small business. With dedication and hard work, what starts as a side hustle could evolve into a significant income source.

  • Part-Time Work or Freelancing: If you have skills that are in demand, consider freelancing or part-time work. This can supplement your main income and give you financial breathing room.

3. Invest in Yourself and Your Skills

Investing in yourself is one of the most effective ways to increase your earning potential. This can mean furthering your education, learning new technologies, or honing your leadership skills. The more skilled and versatile you are, the more valuable you become to employers, increasing your earning potential.

Remember, the road to financial stability is not just about increasing income, but also about effective money management. This includes budgeting, saving, investing wisely, and managing debt.

At Biggs Financial Services, we're here to guide you on your financial journey. Our services in taxes, investments, life insurance, payroll, and consulting can help you develop a solid financial plan tailored to your specific needs. Contact us today to see how we can assist you in creating a stable financial future.

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